Redding, California —[26-08-2024]—Meticulous Research®, a globally recognized leader in market intelligence, has published its latest report, titled “Agricultural Biologicals Market by Product Type (Biopesticides, Biostimulants, Biofertilizers), Source (Microbial, Biochemical), Formulation (Liquid), Mode of Application (Seed Treatment), Crop Type (Fruits & Vegetables), and Geography—Forecast to 2029.”
The report reveals that the global agricultural biologicals market is projected to reach $20.81 billion by 2029, growing at a compound annual growth rate (CAGR) of 12.2% from 2022 to 2029. This robust growth is primarily driven by the increasing shift towards organic farming and the rising demand for organic food products, coupled with growing environmental awareness, government initiatives, and significant investments from key industry players. Despite these drivers, the market faces challenges such as limited farmer education and awareness and barriers to entry for new players. However, emerging markets in Asia-Pacific and Latin America present substantial growth opportunities, owing to their vast agricultural diversity and arable land.
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Market Segmentation and Key Insights
The comprehensive study provides a detailed analysis of historical market data (2020 and 2021), current estimates for 2022, and projections through 2029. The market is segmented into various categories, including product type, source, formulation, mode of application, and crop type, and it examines regional and country-level markets.
- Product Type: In 2022, the biopesticides segment dominated the market, driven by increased investments from leading crop protection companies, rising awareness of environmental safety, and growing demand for organic produce. The segment is expected to maintain its leading position through 2029.
- Source: The microbial segment is poised for rapid growth during the forecast period. Microbial biologicals, derived from naturally occurring viruses, fungi, or bacteria, are increasingly favored for organic and residue-free food production due to their high selectivity, effectiveness, and safety for humans, plants, and animals.
- Formulation: Liquid biologicals are anticipated to capture the largest market share in 2022. Their advantages include ease of application, superior performance, and extended efficacy, making them ideal for modern irrigation technologies like drip and sprinkler systems.
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- Mode of Application: The seed treatment segment is expected to experience significant growth through 2029, driven by its benefits in enhancing nutrient availability, promoting root and shoot growth, and providing protection against pathogens.
- Crop Type: The fruits and vegetables segment is projected to hold the largest market share in 2022, bolstered by increasing global production, rising consumer demand for chemical-free produce, and the proliferation of diseases affecting these crops.
Regional Growth
The report also highlights significant geographic trends, with Latin America expected to lead the market’s growth during the forecast period. This region’s rapid expansion is attributed to increasing food demand, rising popularity of organic products, and a heightened focus on environmental sustainability.
Key Market Players
The competitive landscape of the global agricultural biologicals market includes prominent players such as Bayer AG (Germany), Koppert B.V. (Netherlands), Marrone Bio Innovations (U.S.), FMC Corporation (U.S.), Gowan Company LLC (U.S.), Vegalab SA (Switzerland), and Syngenta AG (Switzerland), among others. These companies are driving innovation and shaping the future of sustainable agriculture through strategic investments and collaborations.
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